WARREN, Ohio, March 14, 2019 /PRNewswire/ -- Avalon
Holdings Corporation (NYSE Amex: AWX) today announced financial
results for the fourth quarter and fiscal year ended December 31, 2018.
Net operating revenues in the fourth quarter of 2018 were
$15.9 million compared with
$14.2 million in the fourth quarter
of 2017. The Company incurred a net loss attributable to
Avalon Holdings Corporation common shareholders of $1.8 million in the fourth quarter of 2018
compared with a net loss attributable to Avalon Holdings
Corporation common shareholders of less than $0.1 million in the fourth quarter of 2017.
For the fourth quarter of 2018, basic net loss per share
attributable to Avalon Holdings Corporation common shareholders was
$0.47 compared with a basic net loss
per share attributable to Avalon Holdings Corporation common
shareholders of $0.01 in the fourth
quarter of 2017.
For the year ended December 31,
2018, net operating revenues were $62.2 million compared with $55.8 million for the year ended December 31, 2017. The Company incurred a net
loss attributable to Avalon Holdings Corporation common
shareholders of $1.1 million for the
year ended December 31, 2018 compared
with a net loss attributable to Avalon Holdings Corporation common
shareholders of $0.3 million for the
year ended December 31, 2017.
For the year ended December 31, 2018,
basic net loss per share attributable to Avalon Holdings
Corporation common shareholders was $0.30 compared with a basic net loss per share
attributable to Avalon Holdings Corporation common shareholders of
$0.08 for year ended December 31,
2017.
Avalon Holdings Corporation provides waste management services
to industrial, commercial, municipal and governmental customers in
selected northeastern and midwestern U.S. markets, captive landfill
management services and salt water injection well operations.
Avalon Holdings Corporation also owns Avalon Resorts and Clubs
Inc., which includes the operation of a hotel and its associated
resort amenities, three golf courses and related country clubs and
a multipurpose recreation center.
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AVALON HOLDINGS
CORPORATION AND SUBSIDIARIES
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Condensed
Consolidated Statements of Operations (Unaudited)
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(in thousands,
except for per share amounts)
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Three Months
Ended
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Year
Ended
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December
31,
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December
31,
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2018
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2017
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2018
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2017
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Net operating
revenues:
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Waste management
services
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$
12,010
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$
10,464
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$
44,535
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$
38,398
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|
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Food, beverage and
merchandise sales
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1,618
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1,588
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7,149
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7,290
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Other golf and
related operations
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2,237
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2,153
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10,550
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10,160
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Total golf and
related operations
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3,855
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3,741
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17,699
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17,450
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Total net operating
revenues
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15,865
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14,205
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62,234
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55,848
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Costs and
expenses:
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Waste management
services operating costs
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9,566
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8,276
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35,181
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30,495
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Cost of food,
beverage and merchandise
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774
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693
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3,165
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3,177
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Golf and related
operations operating costs
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2,748
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2,354
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11,448
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11,000
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Depreciation and
amortization expense
|
690
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740
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2,877
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2,996
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Selling, general and
administrative expenses
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2,263
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2,146
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9,000
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8,451
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Impairment of
property and equipment
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3,261
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-
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3,261
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-
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Operating
loss
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(3,437)
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(4)
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(2,698)
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(271)
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Other income
(expense):
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Interest
expense
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(163)
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(171)
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(675)
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(699)
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Other income,
net
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66
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40
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284
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276
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Loss before income
taxes
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(3,534)
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(135)
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(3,089)
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(694)
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Provision for income
taxes
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55
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41
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167
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122
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Net loss
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(3,589)
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(176)
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(3,256)
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(816)
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Less net loss
attributable to non-controlling interest in subsidiary
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(1,772)
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(127)
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(2,112)
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(509)
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Net loss attributable
to Avalon Holdings Corporation common shareholders
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$
(1,817)
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$
(49)
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$
(1,144)
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$
(307)
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Loss per share
attributable to Avalon Holdings Corporation common
shareholders:
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Basic and diluted net
loss per share
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$
(0.47)
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$
(0.01)
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$
(0.30)
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$
(0.08)
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Weighted average
shares outstanding - basic and diluted
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3,845
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3,803
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3,814
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3,803
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AVALON HOLDINGS
CORPORATION AND SUBSIDIARIES
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Condensed
Consolidated Balance Sheets (Unaudited)
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(in
thousands)
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December
31,
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2018
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2017
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Assets
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Current
Assets:
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Cash and cash
equivalents
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$
1,406
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$
1,025
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Accounts receivable,
net
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12,197
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9,906
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Unbilled membership
dues receivable
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554
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580
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Inventories
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820
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850
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Prepaid
expenses
|
622
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512
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Other current
assets
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31
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34
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Total current
assets
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15,630
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12,907
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Property and
equipment, net
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42,534
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43,215
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Leased property under
capital leases, net
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6,068
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6,360
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Restricted
cash
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502
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2,826
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Noncurrent deferred
tax asset
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8
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8
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Other assets,
net
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27
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62
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Total
assets
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$
64,769
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$
65,378
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Liabilities and
Equity
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Current
liabilities:
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Current portion of
obligations under capital leases
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$
236
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$
212
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Current portion of
long term debt
|
578
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547
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Accounts
payable
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10,454
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7,832
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Accrued payroll and
other compensation
|
872
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739
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Accrued income
taxes
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84
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26
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Other accrued
taxes
|
405
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372
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Deferred membership
dues revenue
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2,899
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2,718
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Other liabilities and
accrued expenses
|
793
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|
658
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Total current
liabilities
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16,321
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13,104
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Long term debt, net
of current portion
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10,167
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10,745
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Obligations under
capital leases, net of current portion
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688
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857
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Asset retirement
obligation
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100
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100
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Equity:
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Total Avalon Holdings
Corporation Shareholders' Equity
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37,479
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38,446
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Non-controlling
interest in subsidiary
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14
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2,126
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Total shareholders'
equity
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37,493
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40,572
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Total liabilities and
equity
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$
64,769
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$
65,378
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content:http://www.prnewswire.com/news-releases/avalon-holdings-corporation-announces-2018-full-year-and-fourth-quarter-results-300812424.html
SOURCE Avalon Holdings Corporation